CommBank latest to join stampede on fixed rate home loan cuts

Tom Watson

09 Apr 2019

Stampede of horses content

The Commonwealth Bank has become the latest lender to jump on the rate cut bandwagon by announcing a number of cuts to it fixed home loan rates this morning which will come into effect immediately.

CommBank made cuts of between 10 and 30 basis points to a variety of its packaged and unpackaged fixed rate loans for both owner occupiers and investors making principal and interest repayments.

Some of the major changes included:

Fixed Rate (Wealth Package) owner occupier fixed rate cuts

• 3 year fixed rate: Reduced from 3.89% to 3.79% (4.98% comparison rate*)

4 year fixed rate: Reduced from 4.19% to 4.09% (5.00% comparison rate*)

• 5 year fixed rate: Reduced from 4.39% to 4.09% (4.94% comparison rate*)

Fixed Rate (Wealth Package) investor fixed rate cuts

• 2 year fixed rate: Reduced from 3.99% to 3.89% (5.54% comparison rate*)

• 3 year fixed rate: Reduced from 4.09% to 3.99% (5.44% comparison rate*)

• 5 year fixed rate: Reduced from 4.49% to 4.39% (5.39% comparison rate*)

The cuts may be welcome news to mortgage holders looking to fix their loans, as the largest 30 basis point reduction on the Fixed Rate (Wealth Package) 5 fixed term for owner occupiers making principal and interest repayments (based on a $400,000 loan) would save customers $4,260 over the five years.

CommBank wasn’t the only lender to announce a rate reduction though, with Bendigo Bank stating that it will cut variable rates on its Express Home Loan (by 10 basis points) and Basic Home Loan (20 basis points) from April 12, 2019.

The changes mean that the Bendigo Express Home Loan variable rate will sit at 3.79% (4.09% comparison rate*) while the Basic Home Loan rate will also be 3.79% (4.07% comparison rate*).

Recent fixed rate home loan cuts

According to the Mozo database, the Commonwealth Bank is just the latest lender to reduce its fixed rate offers, with 23 other providers having made cuts to at least one fixed rate home loan since the start of March.

Some of the notable recent fixed rate changes include:

Adelaide Bank: Made cuts ranging from 5 to 41 basis to its fixed rate products.

AMP: Cut between 13 and 87 basis points from select owner occupier and investor fixed rate loans.

CommBank: Slashed fixed rates for owner occupiers and investors between 10 and 30 basis points.

loans.com.au: Introduced a new 3 year fixed rate deal of 3.59% (3.89% comparison rate*) for owner occupiers.

NAB: Reduced a range of fixed rate home loans for both owner occupiers and borrowers with cuts from 5 to 34 basis points.

Suncorp: Made changes to 5 year fixed rate terms for both owner occupiers and investors ranging from 20 to 70 basis points.  

Interested in comparing fixed rate home loans for yourself? Check out some of the great offers below, or head over to the Mozo fixed rate home loan comparison hub for even more deals.

Fixed home loan offers 2019

Rates updated daily. Advertiser disclosure.

  • loans.com.au

    1.99% p.a.
    fixed 3 years

    2.70% p.a.

    $1234

    Product details Close details
    Special Offer Fixed Rate Home Loan

    Owner Occupier, Principal & Interest

    1.99% p.a.
    fixed 3 years

    2.70% p.a.

    Limited time 3 Year Fixed Rate Special Offer for purchase or refinance. Rate lock option available. No monthly or ongoing fees.

    Special Offer Fixed Rate Home Loan

    Limited time 3 Year Fixed Rate Special Offer for purchase or refinance. Rate lock option available. No monthly or ongoing fees.

    • 1.99% p.a.
      fixed 3 years

    • 2.70% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free up to $10,000 p.a.

    • no

    • no

    • $520

    • 80.00%

    • $50,000

    • $1,000,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Special Offer Fixed Rate Home Loan

    Details Close

  • UBank

    1.75% p.a.
    fixed 3 years

    2.22% p.a.

    $1234

    Product details Close details
    UHomeLoan

    Owner Occupier, Principal & Interest

    1.75% p.a.
    fixed 3 years

    2.22% p.a.

    $0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.

    UHomeLoan

    $0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.

    • 1.75% p.a.
      fixed 3 years

    • 2.22% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free up to $20,000 p.a.

    • no

    • no

    • $0

    • 80.00%

    • $100,000

    • $2,000,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $395 Establishment fee waived for fixed rate loans that settle by 30 September 2022. Receive 1.75% 3 year fixed rate when you apply by 29 April 2021 and settle within 90 days.

    Read our Mozo Review to learn more about the UHomeLoan

    Details Close

  • Macquarie

    2.09% p.a.
    fixed 3 years

    2.43% p.a.

    $1234

    Product details Close details
    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    2.09% p.a.
    fixed 3 years

    2.43% p.a.

    Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.

    Basic Home Loan

    Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.

    • 2.09% p.a.
      fixed 3 years

    • 2.43% p.a.

    • $0

    • $0.00

    • $400.00

    • yes - free

    • yes - free

    • no

    • $0

    • 70.00%

    • $150,000

    • $750,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Monthly

    Read our Mozo Review to learn more about the Basic Home Loan

    Details Close

  • Newcastle Permanent

    1.89% p.a.
    fixed 2 years

    3.67% p.a.

    $1234

    Product details Close details
    Special Fixed Rate Home Loan Premium Plus Package

    Owner Occupier, Principal & Interest

    1.89% p.a.
    fixed 2 years

    3.67% p.a.

    Great fixed low rate. Ability to split your loan between fixed and variable. Insurance discounts and $0 credit card or personal loan fee available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Enjoy local branches and call centre.

    Special Fixed Rate Home Loan Premium Plus Package

    Great fixed low rate. Ability to split your loan between fixed and variable. Insurance discounts and $0 credit card or personal loan fee available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Enjoy local branches and call centre.

    • 1.89% p.a.
      fixed 2 years

    • 3.67% p.a.

    • $0

    • $395.00 yearly

    • $0.00

    • yes - free up to $25,000 p.a.

    • yes - free

    • no

    • $0

    • 80.00%

    • $5,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $2,000 cashback when you refinance your home loan from another financial institution when you apply by 30 June 2021 and are funded by 31 August 2021, min $250k, LVR <80%

    Read our Mozo Review to learn more about the Special Fixed Rate Home Loan

    Details Close

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